CAN WE STOP BREXIT TURNING

INTO A GREEK TRAGEDY?

Back   in   the   spring   of   2017   the   former   Greek   Finance   Minister,   Yanis   Varoufakis   suggested   that   the   UK   should   “avoid   negotiating   with   Brussels   at   all costs.”   This   was   the   man   that   had   headed   negotiations   with   the   EU   and   the   IMF   over   the   extension   of   Greece’s   debts,   negotiations   where   the   terms offered   by   the   EU   were   so   harsh,   they   led   to   a   Greek   Referendum   in   2015   on   whether   to   accept   the   bail   out   deal.   Varoufakis   successfully   campaigned for   a   “No   vote”   and   then   promptly   resigned   when   the   Greek   Prime   Minister   revealed   to   him   that   he   was   going   to   simply   ignore   the   result   of   the referendum. Perhaps   we   should   have   listened   to   Mr   Varoufakis.   It   seems   we   have   been   somewhat   naïve   to   think   that   the   EU   would   pay   anymore   attention   to   the democratic   mandate   of   the   2016   Brexit   vote   and   that   this,   together   with   our   relative   economic   strength   when   compared   to   Greece,   would   in   any   way bolster    our    negotiating    position    with    Brussels.    We    needed    to    remember    that    Brussels    is    a    democracy    free    zone.    It    is    an    immensely    powerful bureaucracy   and   protector   of   vested   interests   imbued   with   unprecedented   law-making   capacity.   Time   and   again   it   has   shown   that   it   will   seek   to negate the will of electorates, and whenever a vote has gone against it the vote has simply been ignored or re-run. From   the   outset   negotiations   were   structured   to   ensure   the   EU   got   what   it   wanted   first.   Phase   1,   the   withdrawal   agreement,   where   the   UK   accedes   to the   EU’s   demands   and   agrees   a   large   divorce   bill   only   then   to   be   followed   by   Phase   2,   where   we   can   start   to   talk   about   trade   and   what   we   want   from the   new   relationship.   This   was   effectively   a   declaration   by   the   EU   that   they   were   in   control   and   thanks   to   the   chronic   weakness   of   our   own   politicians and   their   inability   to   set   aside   party   differences   and   self-interest   in   favour   of   the   national   interest   our   weak   minority   government   has   perhaps inevitably succumbed to EU bullying. With   the   clock   ticking   ever   faster,   a   fact   which   suits   the   EU   more   than   it   does   the   UK,   the   Withdrawal   Bill   has   now   seemingly   united   a   significant majority   of   politicians   in   opposition.   Whether   it   be   Right   Wing   Tories,   Scottish   Nationalists,   Labour,   Democratic   Unionists,   Liberal   Democrats,   Welsh Nationalists   or   Scottish   Tories   they   are   all   lining   up   to   reject   Mrs   May’s   “take   it   or   leave   it”   agreement.   Consequently,   the   prospect   of   a   ‘No   Deal’ scenario comes into ever sharper focus. At   this   critical   phase   the   tragedy   is   that   our   politicians   seem   to   have   forgotten   that   the   UK   is   in   fact   the   sixth   largest   economy   in   the   world   and   a global   trading   powerhouse   with   an   infrastructure,   regulation   and   legal   system   that   are   the   envy   of   the   world.   They’ve   forgotten   that   we   continue   to attract   vast   sums   of   foreign   investment   and   that   as   a   nation   we   are   geographically   well   placed,   resilient,   business   friendly   and   far   more   dynamic   than we   ever   give   ourselves   credit   for.   They   have   overlooked   the   fact   that   our   economy   grew   at   twice   the   rate   of   the   French   in   the   second   quarter   and   that we   are   building   houses   at   near   record   levels   and   still   failing   to   keep   pace   with   demand.   They   have   also   forgotten   that   85%   of   the   world’s   markets   sit outside the EU. After   the   2008   global   financial   crisis   we   bounced   back   more   strongly   than   virtually   any   other   nation   and   grew   a   strong,   innovative   specialist   lending sector   that   filled   the   void   left   by   the   High   Street   Banks.   Specialist   lenders   proved   that   they   could   thrive   in   any   macro-economic   environment,   many having   been   founded   and   forged   during   a   period   of   huge   economic   uncertainty.   These   lenders,   along   with   every   successful   business   in   the   UK   have not got time for the self-indulgent navel-gazing of so many politicians. GDP   growth   of   0.6%   in   the   last   quarter   underlines   the   fact   that   however   badly   served   by   its   political   elite   the   workers   just   crack   on!   If   we   could   just instil   a   little   bit   of   the   inherent   dynamism   and   strength   of   character   of   the   British   people   and   of   British   business   into   our   politicians   how   much   more favourably   might   these   negotiations   have   gone,   might   they   still   go?   It’s   never   too   late   to   alter   course   and   for   our   leaders   to   show   a   more   united   front to   obtain   the   best   possible   deal   but   in   truth   this   looks   unlikely.   The   British   people   and   British   business   will   be   left   to   pick   up   the   pieces,   but   who would bet against us making a success of things despite, rather than because of our politicians? Brian West, Director Central Bridging

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Central Bridging, Granary Wharf, Wharf Road, Burton on Trent, Staffordshire, DE14 1DU Tel: 03332 400 506   Email: enquiry@centralbridging.co.uk   Web: www.centralbridging.co.uk Central Bridging is a trading style of Central Bridging Loans Ltd. Registered in England & Wales | Company Registration Number 07728274. Central Bridging is not regulated by the Financial Conduct Authority (FCA). All loans arranged by Central Bridging are non regulated contracts as defined under The Financial Services and Markets (Regulated Activities) Order 2001 and the Financial Service and Markets Mortgage Credit Directive Order 2015. © Copyright Central Bridging Loans Limited Privacy Policy
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CAN WE STOP BREXIT

TURNING INTO A

GREEK TRAGEDY?

BESPOKE BRIDGING LOAN

& SHORT TERM LENDER

Back   in   the   spring   of   2017   the   former   Greek   Finance   Minister,   Yanis Varoufakis    suggested    that    the    UK    should    “avoid    negotiating    with Brussels   at   all   costs.”   This   was   the   man   that   had   headed   negotiations with    the    EU    and    the    IMF    over    the    extension    of    Greece’s    debts, negotiations   where   the   terms   offered   by   the   EU   were   so   harsh,   they led   to   a   Greek   Referendum   in   2015   on   whether   to   accept   the   bail   out deal.   Varoufakis   successfully   campaigned   for   a   “No   vote”   and   then promptly   resigned   when   the   Greek   Prime   Minister   revealed   to   him that he was going to simply ignore the result of the referendum. Perhaps   we   should   have   listened   to   Mr   Varoufakis.   It   seems   we   have been    somewhat    naïve    to    think    that    the    EU    would    pay    anymore attention   to   the   democratic   mandate   of   the   2016   Brexit   vote   and   that this,   together   with   our   relative   economic   strength   when   compared   to Greece,    would    in    any    way    bolster    our    negotiating    position    with Brussels.   We   needed   to   remember   that   Brussels   is   a   democracy   free zone.    It    is    an    immensely    powerful    bureaucracy    and    protector    of vested    interests    imbued    with    unprecedented    law-making    capacity. Time   and   again   it   has   shown   that   it   will   seek   to   negate   the   will   of electorates,   and   whenever   a   vote   has   gone   against   it   the   vote   has simply been ignored or re-run. From   the   outset   negotiations   were   structured   to   ensure   the   EU   got what   it   wanted   first.   Phase   1,   the   withdrawal   agreement,   where   the UK   accedes   to   the   EU’s   demands   and   agrees   a   large   divorce   bill   only then   to   be   followed   by   Phase   2,   where   we   can   start   to   talk   about   trade and   what   we   want   from   the   new   relationship.   This   was   effectively   a declaration   by   the   EU   that   they   were   in   control   and   thanks   to   the chronic   weakness   of   our   own   politicians   and   their   inability   to   set   aside party   differences   and   self-interest   in   favour   of   the   national   interest our   weak   minority   government   has   perhaps   inevitably   succumbed   to EU bullying. With   the   clock   ticking   ever   faster,   a   fact   which   suits   the   EU   more   than it    does    the    UK,    the    Withdrawal    Bill    has    now    seemingly    united    a significant   majority   of   politicians   in   opposition.   Whether   it   be   Right Wing    Tories,    Scottish    Nationalists,    Labour,    Democratic    Unionists, Liberal   Democrats,   Welsh   Nationalists   or   Scottish   Tories   they   are   all lining    up    to    reject    Mrs    May’s    “take    it    or    leave    it”    agreement. Consequently,   the   prospect   of   a   ‘No   Deal’   scenario   comes   into   ever sharper focus. At   this   critical   phase   the   tragedy   is   that   our   politicians   seem   to   have forgotten   that   the   UK   is   in   fact   the   sixth   largest   economy   in   the   world and   a   global   trading   powerhouse   with   an   infrastructure,   regulation and   legal   system   that   are   the   envy   of   the   world.   They’ve   forgotten that   we   continue   to   attract   vast   sums   of   foreign   investment   and   that as    a    nation    we    are    geographically    well    placed,    resilient,    business friendly   and   far   more   dynamic   than   we   ever   give   ourselves   credit   for. They   have   overlooked   the   fact   that   our   economy   grew   at   twice   the rate   of   the   French   in   the   second   quarter   and   that   we   are   building houses    at    near    record    levels    and    still    failing    to    keep    pace    with demand.   They   have   also   forgotten   that   85%   of   the   world’s   markets   sit outside the EU. After   the   2008   global   financial   crisis   we   bounced   back   more   strongly than   virtually   any   other   nation   and   grew   a   strong,   innovative   specialist lending    sector    that    filled    the    void    left    by    the    High    Street    Banks. Specialist    lenders    proved    that    they    could    thrive    in    any    macro- economic    environment,    many    having    been    founded    and    forged during   a   period   of   huge   economic   uncertainty.   These   lenders,   along with   every   successful   business   in   the   UK   have   not   got   time   for   the self-indulgent navel-gazing of so many politicians. GDP    growth    of    0.6%    in    the    last    quarter    underlines    the    fact    that however   badly   served   by   its   political   elite   the   workers   just   crack   on!   If we   could   just   instil   a   little   bit   of   the   inherent   dynamism   and   strength of   character   of   the   British   people   and   of   British   business   into   our politicians   how   much   more   favourably   might   these   negotiations   have gone,   might   they   still   go?   It’s   never   too   late   to   alter   course   and   for   our leaders   to   show   a   more   united   front   to   obtain   the   best   possible   deal but   in   truth   this   looks   unlikely.   The   British   people   and   British   business will   be   left   to   pick   up   the   pieces,   but   who   would   bet   against   us   making a success of things despite, rather than because of our politicians? Brian West, Director Central Bridging
Central Bridging, Granary Wharf, Wharf Road, Burton on Trent, Staffordshire, DE14 1DU Tel: 03332 400 506  Email: enquiry@centralbridging.co.uk Web: www.centralbridging.co.uk Central Bridging is a trading style of Central Bridging Loans Ltd. Registered in England & Wales | Company Registration Number 07728274. Central Bridging is not regulated by the Financial Conduct Authority (FCA). All loans arranged by Central Bridging are non regulated contracts as defined under The Financial Services and Markets (Regulated Activities) Order 2001 and the Financial Service and Markets Mortgage Credit Directive Order 2015. © Copyright Central Bridging Loans Limited Privacy Policy
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